Warning from WEF: "We are all passengers in the same boat"

- We are all passengers on the same boat, and states have to find a common language - said Chinese Prime Minister Li Keqiang at the World Economic Forum in China.

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Keqiang has called on the World Trade Organization not to falter in its mission of free trade, adding that China continues to support WTO.

In his speech, the Prime Minister mentioned inclusiveness and necessary interstate cooperation.

- Chinese efforts to open up to other markets is not only useful to China but to the rest of the world - Prime Minister Li said. He points out that further opening will continue to strengthen the global economy.

Prime Minister Li acknowledges that the Chinese economy faces certain pressures, which affect business, exports and market expectations.

- The government is confronted with economic challenges and takes proactive measures - he said, adding that China is sufficiently robust and flexible to withstand the pressures it faces.

Prime Minister Li says China wants "equal conditions". Opening to the world and aligning business with international rules will give foreign investors a clearer and more predictable environment.

Prime Minister Li says the Chinese economy is sustaining growth. Achieving growth of 6 to 6.5% is a substantial improvement, he says.

- China will continue to pursue greater economic development and improve people's lives, the prime minister said, adding that it will continue to play a key role in the development of the global economy.  

Li says China plans to encourage a "favorable environment" for companies by cutting taxes and fees that should reduce bureaucracy and increase growth and revenues from research and development, but he also says the Chinese government will tighten its belt to achieve its goals.

(Telegraf.co.uk)